Havila Shipping ASA: Third quarter 2025 accounts

Core Insights - The company reported freight revenues of NOK 149.3 million in Q3 2025, reflecting an increase of NOK 8.5 million year-over-year but a decrease of NOK 16.2 million from the previous quarter [1] - Operating expenses for Q3 2025 were NOK 84.1 million, up NOK 2.9 million from Q3 2024, remaining stable compared to the previous quarter [2] - The profit before tax for Q3 2025 was NOK 9.0 million, an increase from NOK 3.3 million in Q3 2024 [3] Financial Performance - Total operating income for Q3 2025 was NOK 156.7 million, compared to NOK 150.2 million in the same quarter last year [9] - The operating profit before depreciation was NOK 72.5 million in Q3 2025, up from NOK 69.0 million in Q3 2024 [2][9] - The company experienced a value adjustment of debt amounting to NOK 38.7 million in Q3 2025, compared to NOK -30.5 million in the corresponding period last year [2][9] Fleet and Operations - As of September 30, 2025, the company operated 14 vessels, with a fleet utilization rate of 95.3% in Q3 2025 [3][12] - The company employed 407 seamen on its vessels and in management as of Q3 2025 [12] Balance Sheet and Liquidity - Total current assets as of September 30, 2025, were NOK 301.9 million, with bank deposits of NOK 149.7 million [6] - The total long-term debt on the balance sheet was NOK 544.2 million, including NOK 499.6 million in loans from the sister company Havila Finans AS [8] - The book value of the fleet was NOK 1,173.1 million as of September 30, 2025 [7]